FX turnover jumps by 81.59% as Naira holds at $1339 against Dollar
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| FX turnover jumps by 81.59% as Naira holds at $1339 against Dollar |
CBN governor, Olayemi Cardoso, during the 295th Monetary Policy Committee meeting, cited seasonal variations as the cause of the ongoing FX crisis.
The foreign exchange turnover saw an 81.59 percent increase to $328 million as the Naira continued its N1339.33 per dollar valuation against the Dollar in the official forex market.
According to FMDQ data, the FX transactions turnover escalated to $328.32 million at the end of trading on Tuesday, up from $180.80 million on the previous day.
This trend indicated a resurgence of activity and heightened demand in the foreign exchange sector.
In the parallel market segment, the Naira rose to N1500 per dollar on Tuesday, improving from N1520 the day before.
The Naira's fortification against other currencies has been linked by analysts to the Central Bank of Nigeria's actions in the forex market.
CBN governor, Olayemi Cardoso, during the 295th Monetary Policy Committee meeting, cited seasonal variations as the cause of the ongoing FX crisis.
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